Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1887-07-19

The Manhastan Company Paying
Their Employees I'm .thas Cur

AlIlOhAE thO llNhAA0AOoo
the line of progress, made by the new
management of the Manhattan Com
pany, that of paying their employees II
silves notes, in our opinion, is not the
least in Importance.
General Manager Hanchett, so far
as we know, is the first to grasp the
| situation and inaugurate the practice,
with the intention OF continuing it.
Without here offering explanations
on the subject we do not hesitate to
assert that the time is coming when
the currency OF the West as well as the
East. will be notes, based on gold or
silver coin deposited in the U. 5.
Treasury, and we of the silver produc-
ing States should show our faith in our
product, and practice what we preach,
by adopting the silver note.
The U. S. banks have been working
for years to abolish greenbacks, on the
specious plea that their adoption was
a " war measure, "and the war having
| ceased, there is no longer any reason
| for their existence. Granted. BY a
parity of reasoning, the creation OF the
banks, being emphatically a war
measure " for the purpose OF clrculat-
ling the national currency-the war
| having ceased there is M longer any
reason for their existence, and they
should be abolished; and they will be
| abolished, as issuers of notes, when
we have lived through this admins
tration Of bankers and brokers that at
| present run the Government to suit
their interests.
These same bankers and brokers
| send up a daily wall, in almost every
newspaper in the East, that gold and
| silver are accumulating in the Treas
ury to an alarming extent. We, the
people, can stand it. Let them &C
cumulate. That is the place for them,
| where they are safe and lose nothing
by abrasion, shipwreck, forgotten
| boards, or any of the thousand acct
| dents incident to their circulation as
coin. What we want is the notes,
| based on this accumulated coin, and
then any losses that may C will
accrue to the Government instead OF
the banks. Let the Government coin
and store all the gold and silver that
comes to it, and issue notes based on
the coin in the Treasury, irrespective
of the metal of which it is made.
Then we will have no use for national
banks, and will have a U. S. note that
will pass at par, from Greenland to
Cape Horn; from John O'Groat's to
the Golden Horn, and cen to "far
Cathay."
All of this we can promote, in no
small degree, by adopting notes, and
it would be eminently appropriate that
we show our preference for notes based
on silver, so long as the distinction be-
tween gold and silver notes exists.
We said that the Manhattan Com
pany was paying in silver notes. This
is not strictly true, as, thus far, they
have been unable to procure them in
sufficient quantity. But they propose
to do it if they have to send a "shot-
gun " messenger to the Treasury at
Washington to procure them. They
have been unable to get them except
in small quantities in San Francisco,
either from the banks or the U. s.
Deputy Treasurer. The later in
formed a special messenger sent to
him by Mr.. Hanchett that he did not
have men, and had nc instructions
from Washington in regard to them
Mr.. Hanchett then sent to Chicago,
thinking that SO small a sum rs $24,-
900 needed for the June pay roll would
be a mere bagatelle in that metropolis
of the west, but about $4,000 out OF
$24, 900 was all that could be had in
silver notes. 1t is necessary to say
that the United States bank notes
were offered to any amount. This is
not CONSTANT with the repeated as
~sertions of the Administration that
silver will not circulate in any form, or
the wall of the banks, that as fast as
they are put in circulation they return
to them. 1t is the same old story.
The banks are still by every artifce in
their power trying to render silver in
any form, unpopular, to increase the
demand for bank notes, and We, un-
ivitingly, perhaps, in most cases are
assisting them by our adherence to
gold coin as our only currency. OF
course we use silver for change, but in
that way we can use a small quantity
of it. The adoption of silver notes to
pay all their liabilities, by the mining
organizations of the silver producing
States would add, probably $4,000, 900
per month to their circulation, and
make them popular, not only in the
silver States, but in all places from
which these States draw their sup
plies.
There is a prejudice in the west, we
admit, against paper money, as their
is in the east against coin, but this
would soon disappear. The people of
the east dislike gold and silver coin
because they think it in~convenient,
and are afraid of counterfeits. The
people of the west object to paper
money. for exactly the same reasons.
1t is all a matter of education and
habit.
We appeal to the common sense of
the mining companies, and all other
business men of the silver States, to
think, whether it would not be the